Business and Society Social Performance Term Paper
- Length: 4 pages
- Sources: 4
- Subject: Business
- Type: Term Paper
- Paper: #33507081
Excerpt from Term Paper :
Stakeholders may also exercise political power indirectly, for example, during protests by environmentalist on a government move.
Lastly, the stakeholders have legal power. Legal power means they can sue the business firm if they feel they unfairly treated by the business firm. This happens when they sue a corporation for damages due to harm caused by the firm on the stakeholder. An example is a lawsuit by customers for damages caused by consuming, or using unsafe goods or services, brought by employees damage caused by injury at work, or brought by environmentalists for damages on the environment either by water polluting, air pollution, or by harm to habitats and species of animals and plants (Weber & Lawrence, 2011).
In order to start a coalition with the stakeholders, the CEO needs to hold a first meeting with them. The meeting should have some characteristics, which include optimism, have energy, and signal a good start. The high energy will get the people exited hence signaling a good start. The contents of the first meeting and the agenda are highly significant. This agenda will determine the result of the coalition. The issue around which the coalition came together is necessary in this meeting. The CEO should initiate an actual statement on the same. Then the structure of the coalition prompts a discussion on how it will run, and it has reachable goals stated (Wolff & Rabinowitz, 2013).
The CEO should also create a common goal among the stakeholders to work towards a common vision, and agree with the coalitions directions. An action plan is of essence or at least a preliminary plan that will lead the way to the formulation of a procedure to form an action plan. This is the first meeting, so things to do before the next meeting needs a review. People should leave the meeting feeling they have accomplished something. After meeting, the CEO schedules the next meeting. This will enhance the development of regular meetings.
The plan entails a lot. The first meeting paved way for the coalition to lay out its agenda. The CEO should make sure communication among the coalition is wide open. This will make the coalition members feel they are part of the coalition. The CEO should participate, network and keep promises with the coalition. The goals set for the coalition should be reachable. Another important thing in planning the coalition is acknowledging diversity among members. Not everyone will agree with the coalition's decisions, so the CEO should consider everyone's opinion. Simply, diversity should be a source of discussion.
Starting coalitions often, face barriers and are critical to anticipate since they may provide a better way or procedure in starting the coalition. Some firms are highly sensitive when it comes to sharing their firm's information, especially on their goals, their funding, and their targets. Convincing such firms into working together becomes very difficult. Other organizations have had a poor experience with past coalitions. These experiences must have convinced them otherwise that working together is impossible. In such a situation, the coalition has a task to convince the firm to drop the poor experience (Wolff & Rabinowitz, 2013).
In most cases, business leaders, politicians, and people with advanced degrees in their bid to solve an issue, neglect the affected people who probably might have answers to those issues. In creating a coalition, the environment should welcome everyone. Another barrier is the minimal organizing capacity in a coalition. In this case, a first meeting is essential to lay out the agenda of the coalition for stakeholders to decide whether to join or not. Failure to create a stable leadership within a coalition will fail the coalition into wooing the stakeholders. Coalitions need collaborative leadership if this lacks then its start is not possible (Wolff & Rabinowitz, 2013). Lastly, the coalition should find ways to decrease costs for stakeholders instead the benefits should increase.
Weber, J. & Lawrence, T.A. (2011). Business and Society. Stakeholders, Ethics, Public Policy,
3rd ed. Unites States, USA: McGraw-Hill Company.
Kokemuller, N. (2013). How Do Stakeholders Influence Business Activities? Chron. Retrieved from http://smallbusiness.chron.com/stakeholders-influence-business-activities-18754.html
Loewenstein, M., Holt, C. & Rabinowitz, P. (2013). Identifying and Analyzing Stakeholders and Their Interest. Community Toolbox. Retrieved from http://ctb.ku.edu/en/table of contents/chapter7_section8_main.aspx
Wolff, T. & Rabinowitz, P. (2013). Collaborative Leadership. Community Toolbox. Retrieved from http://ctb.ku.edu/en/tablecontents/sub_section_main_1057.aspx